Technology has transformed how we work, play and do business. It has provided new solutions to old problems, disrupted traditional business models and helped us grow through becoming more efficient.
One of the most disruptive is distributed ledger technology and its most common application – blockchain. The World Economic Forum lists blockchain as one of the top ten emerging technologies of 2016.
Distributed ledger technology uses cryptographic tools and a distributed consensus process to create a significant innovation in traditional record keeping. Its three main features are:
- Veracity – multiple copies (as opposed to a single copy) of the complete historical record of ledger entries are each verified by consensus.
- Disintermediation – it operates using a peer-to-peer network, rather than requiring a specific central organisation.
- Transparency – it is a public record of activity that can be seen by all market participants.
Having recognised early on the disruption this technology will cause to the way traditional industries like Supply Chain Management, Renewable Energy, E-commerce, Entertainment, Health, Finance plus a lot more, go about their business, Grant Thornton Cyprus has set up a specialized department offering consultancy services to companies that are interested in exploring the whole new world of opportunities opening up for them through the implementation of this technology.
Understanding of blockchains is an increasing necessity for today's business leaders. While executives don't need to understand the inner working of a blockchain, it is important that they realize the potential opportunities and threats which will affect their industry. For this reason, we will be circulating relevant material that will help them gain a better understanding of the disruptive potential of this technology.
At Grant Thornton Cyprus, it is our firm belief that adoption of the technology will come through education and increased awareness of the benefits it brings to a business. For this reason, we will be organising a number of short seminars that cover specialist topics such as Regulation, Strategy, the State of the Technology, real world use cases applications, etc.
Research and development
Our team has developed one of the most detailed data-banks of use cases regarding the successful introduction of the technology in real life scenarios which would help at this early stage identify possible implementation concepts to our clients' specific industry and company characteristics.
Upon expression of interest, our team will conduct a Feasibility Study to assess the technical and/or financial viability of introducing the technology into the business. Technical feasibilities will compare existing blockchains protocols or products to achieve a specific goal.
Proof of Concept
Building a prototype or a proof of concept requires specialist knowledge to be done efficiently. Through our network of associates the product will be built quickly and to your specifications. Only after it has been approved by you would we be moving into actual project planning.
Once the proof-of-concept is approved, our team will architect secure products and guide you towards the right protocol implementation for your specific needs. This service requires serious commitment from the client, it is a very technical and advanced offering.
Our specialized team of analysts, developers and cryptographers will then proceed with the development of the front and back end of the final product followed by a sandbox testing and quality assurance.
Advice and strategy
As we firmly believe that blockchain technology will become mainstream in a few years, defining your strategy around blockchain is a necessity. Keeping an eye on technical and application developments in this sector will give you an edge over competition. Our team will help you pick the right direction for your company in line with your values.
If you are about to consider a blockchain implementation, we can assist you in making the right business or technical choices from a truly unbiased point of view. We can also guide you to choose the best teams to develop your products depending on its characteristics. No "one size fits all" in blockchain.